27 June 2012
AES Solar announced today that it closed on €77 million of long-term non-recourse financing for Elpida, a portfolio of 10 solar PV power plants totaling 27MW, located in the Lazio and Sicily regions of Italy. The financing facility closed in May and was used to refinance the equity advanced during construction of the Elpida project.
Three mandated lead arrangers participated in this financing: Dexia Crediop (Coordinating Bank and Facility Agent), together with DNB Bank (Technical Bank) and ING Bank (Insurance Bank). The facility is structured as a multi-borrower transaction.
Six of the power plants totaling 21MW achieved commercial operation during the second half of 2011, while the remaining four PV installations totaling 6MW completed construction during the first two months of 2012, qualifying them for a 20-year feed-in tariff regulated under the fourth Conto Energia renewable energy tariff structure.
AES Solar currently has a global operating portfolio of 232MW in Bulgaria, France, Greece, India, Italy and Spain, and has 24MW under construction in the United States.
